News
MALMÖ, SWEDEN – PartnerTech, the largest EMS company in Scandinavia, reported third-quarter sales fell 7.7% to$71 million. The operating profit dropped 29% to SEK $1.27 million, while net profits fell 36% to $584,000.
Year to date sales were $233 million, down 5.4% year-over-year. The company swung to a net loss of $174,000. Cash flow after investments amounted to $4.1 million.
Through September, sales of terminals and machine solutions are up 11.3% on higher demand. Medical equipment sales fell 18.4%. Industrial and telecom, the company’s biggest segment, fell 7.6%.
During the quarter, PartnerTech reduced headcount by 65.
The privately held company also unveiled plans to seek private placement equity from partners, customers and other investors.
In a press release, James B. Schultz, Red Rocket president and CEO, said, “EMESD positions our company to partake in the rapid growth from $5 billion today to estimated over $18 billion by 2012 in India electronics and electrical product manufacturing for export."
CPIPL, Red Rocket’s wholly owned subsidiary, includes a 100,000 sq. ft. facility in Mumbai. The company purchased the site from Jabil Circuit last year.
SAN JOSE -- Flextronics has reportedly laid off about 70 workers in Taiwan and additional cuts are possible, according to a local newspaper report.
The Apply Daily, citing company sources, said most
of laid off workers are from the company's notebook and server operations.
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